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Preservation Fund

Dennis asked 2 years ago

I am given to understand that I cannot withdraw from my preservation fund. I need money desperately as I am experiencing financial difficulties to pay my creditors.

1 Answers
Matthys Potgieter Staff answered 2 years ago

Hi there,

Thank you for getting in touch.

The best would be to talk to your financial advisor or broker who assisted you with the fund in the first place. Also, keep in mind that debt review has been designed to relieve your debt burden without having to lose your assets. By utilising the funds you might create another problem when it is time for you to retire, leaving you with a state pension. Rather speak to a debt counsellor who can negotiate on your behalf with your credit providers. If there is no summons issued on the accounts and if the accounts are not in the name of a business you are almost guaranteed a reduced repayment agreement. If debt review does not work for you, then talk to your financial advisor about releasing funds.

Have a great day